With an 11.9% annual jump, Portland led the way, followed by Seattle and Denver with rises of 11% and 9.7% respectively.

However, there are signs that the pace of growth is starting to ease. S&P’s 10-city composite increased by 4.6% over the same period, compared with 5% previously, while their 20-city composite annual gain was 5.4%, down from 5.7%.

On a monthly basis, six cities experienced smaller monthly gains in February compared to January. Among the six were Seattle, Portland and San Diego.

“Home prices continue to rise twice as fast as inflation, but the pace is easing off in the most recent numbers,” said David M. Blitzer, chairman of the index committee at S&P Dow Jones Indices.

Rising prices are a concern, but a lack of available inventory may also be dragging down sales. “Homeowners looking to sell their house and trade up to a larger house or a more desirable location are concerned with finding that new house,” Blitzer said.

While the S&P/Case Shiller index does not show specific price growth figures for the luxury market, a February report from real estate brokerage Redfin found a dearth of available luxury homes across many major U.S. cities. High-end property prices ended 2015 on a positive note after a nine-month slowdown.

Average prices in the luxury market, which Redfin defines as the most expensive 5% of home sales, grew by 3.1% in the final three months of 2015 compared with a year earlier. This was driven by a low supply in many cities, with the number of homes for sale at $1 million or more down 6.4% for the year.

Next week, Redfin will publish figures covering the performance of the luxury housing market in the U.S. in the first three months of the year.